Orascom Telecom leads Egypt up on North Korea venture

CAIRO Dec 10 (Reuters) - Shares of Orascom Telecom
ORTE.CAORTEq.L posted their sharpest single-day gain in at
least a year on Wednesday, lifting Egypt's main index, as the
firm said it would start operations in North Korea next week.

Shares of Orascom, the largest Arab mobile operator by
subscribers, surged 11.11 percent to 26.70 Egyptian pounds
($4.84). The company said it would start operations in the
reclusive communist state on Dec. 15.

"North Korea is a new market and penetration is very low,"
said Teymour el-Derini, trader at Beltone Financial in Cairo.

Orascom shares, the fifth worst performers this year on the
CASE30 index, had fallen 74 percent this year to last week's
close.

Investors were buying other telecom shares because of their
high dividends, Mohamed Radwan, trader at Pharos Securities
said.